Frankfort, N.Y., Raised by Moody's

PUB. DATE

December 2004

SOURCE

Bond Buyer;12/20/2004, Vol. 350 Issue 32033, p2

SOURCE TYPE

Trade Publication

DOC. TYPE

Article

ABSTRACT

The article reports that Moody's Investors Service Inc. has upgraded the village of Frankfort, New York, affecting $4.3 million of outstanding general obligation debt. The upgrade reflects the restoration of satisfactory financial margins evident in a fiscal 2004 19% general fund balance, up from negative 3% in fiscal 1998. Moody's believes the village has demonstrated a trend of improved financial management evident in operating surpluses in four of the past five years based on documents submitted to the state as the village does not obtain independent audits.

The article reports that the A1 rating affirmed by Moody's Investors Service Inc. on the township of the general obligation bonds of Little Egg Harbor, New Jersey has affected the 13.4 million dollars of outstanding parity debt obligations.

The article reports on the general obligation rating of Utica which was downgraded by Moody's Investors Service Inc. to Baal from A3 rating that affected the 64.99 million dollars of outstanding debt and reflected fiscal deterioration beyond what was previously projected in New York.

The article reports that the Moody's Investors Service Inc. has upgraded Erie County, Pennsylvania to Aa2 from Aa3 and also informs that this move will affect its 128 million U.S. dollars of outstanding debts.

The article focuses on the downgradation of Santa Ana Unified School District, California general obligation rating to Aa3 from Aa2 by Moody's Investors Service Inc. on October 10, 2012. It states that the downgradation affected 332.5 million U.S. dollars in debt, and it has negative outlook on...